THANKS OBAMA! Mark Levin On The REAL FISCAL DISASTER FACING US—$200 Trillion Unfunded Liability Debt
Guest Post by Mara Zebest
MEDIA IGNORES Mark Levin and Professor Laurence Kotlikoff sounding the alarm on the real fiscal debt disaster.
The real fiscal disaster isn’t just the operating debt of $18.5 Trillion under Obama’s reign of spending—not to mention with the enabling help of Republicans Boehner and McConnell who continually offer the excuse of an imaginary fear for a government shutdown while the rest of “thinking” Americans would cheer such a shutdown. But I digress—the real fiscal threat facing this nation is the UNFUNDED LIABILITIES of projected debt somewhere in the range of $200 Trillion.
In the below audio, Mark Levin explains how economist Laurence Kotlikoff—who recently testified before congress—has validated Mark’s own warnings. Starting around the 2:15 minute marker of the audio Mark explains the following:
“The real fiscal disaster that’s facing us, it’s right in our face. It’s not the fiscal operating debt per se which is 18 and a half trillion, it’s unfunded obligations. I calculated in ‘Liberty and Tyranny’ that we were talking about 80 to 100 trillion. In the ‘Liberty Amendments’ I said over 100 trillion. This economist says between 100 and 200 trillion. I ask you this: Is a country off the rails if it doesn’t know if it’s in debt $100 Trillion or $200 Trillion?“
The Daily Reckoning reports the following on Kotlikoff’s findings:
The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress.
There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion.
The man who has followed this for the longest time is Prof. Laurence Kotlikoff of Boston University. He has created a great deal of embarrassment for the government by his relentless pursuit of the statistical implications of the statistics released by the Congressional Budget Office.
The Congressional Budget Office has a way to avoid this, namely, to cease publishing the statistics that Kotlikoff has used to expose the real condition of the United States government.
Kotlikoff referred to this suppression of information in an article that appeared in Forbes.
The CBO has two sets of books. This is what any Ponzi scheme requires. It releases one set of books to the rubes in the financial media, who are perfectly content to quote from it, when they are even aware of it. This is called the Extended Baseline Forecast or EBF.
The second set of books is called the Alternative Fiscal Scenario or AFS. Here’s how Kotlikoff describes the difference.
In past years, the CBO simultaneously released what it calls its Alternative Fiscal Scenario. This forecast is what CBO actually projects future taxes and spending to be given not just the laws in place, but also how Congress and the Administration have been bending and changing the laws through time. In short, the Alternative Fiscal Scenario (AFS) is what the CBO thinks we’re facing absent a truly dramatic and sustained shift in fiscal policy.
Because of Kotlikoff’s ability to get news coverage for the AFS, the CBO decided this year not to publish it. […]
Read more here.
It should be noted that the above Daily Reckoning article was dated Feb 2014, thus the unfunded liabilities placed at $205 trillion a year ago. Guessing with the illegals flooding the nation and helping themselves to taxpayer-unfunded socialist programs, that the number might be closer to $300 trillion or more moving into 2015. Just sayin’….